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KPMG IN INDIA KPMG Flash News 10 August 2011 TAX Expenditure incurred on in-house scientific research and development activity are deductible under Section 35(1)(i) or under Section 37(1) of the Income-tax

KPMG IN INDIA KPMG Flash News 7 July 2011 TAX Payment made for online banner advertisement on the portal of a foreign company is not taxable as royalty Recently, the Mumbai Bench of the Income-tax Appellate

KPMG IN INDIA KPMG Flash News 13 October 2011 TAX Right to exercise an option to sell stock allotted under the Employee Stock Option Plan (held through a Trust) to be considered as a capital asset. Background

KPMG FLASH NEWS KPMG IN INDIA Buy-back of shares by an Indian company from a Mauritian company is not a tax avoidance scheme. Further there is no capital gain tax under India- Mauritius tax treaty 27 August

KPMG IN INDIA KPMG Flash News 24 March 2011 TAX Delhi High Court rules that taxability in the context of waiver of loan amount would depend upon the purpose for which the loan was taken Recently, the Delhi

KPMG IN INDIA KPMG Flash News 22 July 2011 TAX In respect of shares held as investments, even gains on shares held for 30 days or less to be treated as short term capital gains and not business profits

KPMG IN INDIA KPMG Flash News 5 October 2011 TAX Reduction of Equity share capital without variation of shareholder s rights and without payment of any consideration to the shareholder is not subject to

KPMG IN INDIA KPMG Flash News 25 May 2011 TAX Interest earned on Income-tax refund from tax department cannot be considered as arising from indebtedness that is effectively connected with Permanent Establishment

KPMG FLASH NEWS KPMG IN INDIA Payments for website hosting cannot be treated as Royalty under the Incometax Act or India-USA tax treaty 22 March 2012 Background Recently, the Mumbai Bench of the Income-tax

18 March 2016 A foreign company engaged in outsourcing services constitutes a business connection under the Incometax Act but does not have a PE in India under the India-UK tax treaty Background Recently,

KPMG FLASH NEWS KPMG IN INDIA Customisation of software amounts to production of computer program and entitled for benefit under Section 10B of the Income-tax Act 29 March 2012 Background Recently, the

15 April 2016 CBDT notifies new income-tax return forms for Assessment Year 2016-17 The Central Board of Direct Taxes (CBDT) has notified 1 the revised Income Tax Return (ITR) forms for Assessment Year

KPMG FLASH NEWS KPMG IN INDIA Maharashtra Policy, 2013 9 April 2013 Background With focus on industrial development and investment destination, the Government Maharashtra has issued the Maharashtra Policy,

KPMG FLASH NEWS 16 December 2015 KPMG in India The Delhi High Court held that AMP expenses incurred by Maruti Suzuki India does not constitute an international transaction. It also held the use of a bright

KPMG FLASH NEWS KPMG IN INDIA Payment made for supply of software is not royalty since it is copyrighted software and not copyright in the software Recently, the Chennai Bench of Income-tax Appellate Tribunal

KPMG FLASH NEWS KPMG in India 26 June 2015 Restoration services relating to transmission of data and telecommunication traffic are not taxable as FTS. Income reasonably attributable to business operations

KPMG FLASH NEWS KPMG in India 30 April 2015 Delhi High Court rules that higher or abnormal profits / losses cannot be a factor for exclusion of a comparable Background Recently, the Delhi High Court (High

KPMG FLASH NEWS KPMG IN INDIA Transfer of shares in Indian company by a Mauritius holding company to a Singapore company as a part of internal re-structuring is not liable to capital gains tax under the

3 June 2016 Foreign exchange fluctuation loss on outstanding foreign currency loans is allowed as business expenditure under the Income-tax Act Background Recently, the Pune Bench of the Income-tax Appellate

KPMG FLASH NEWS KPMG IN INDIA Share premium received on issue of shares is not taxable under the Incometax Act 6 September 2013 14 August 2013 Background Recently, the Mumbai Bench of the Income-tax Appellate

14 April 2016 Tested party shall be selected with reference to the entity which has undertaken the transaction. Market determined interest rate applicable to currency in which loan has to be repaid shall

KPMG FLASH NEWS KPMG IN INDIA Capital gains arising from transfer of shares of a French company which in turn held controlling stake in an Indian operating company is taxable in France and not in India

KPMG FLASH NEWS KPMG IN INDIA Value Added Tax (VAT) Budget Amendments 15 April 2013 Background In March 2013, the various State Budgets were announced proposing amendments interalia in the VAT Act, VAT

KPMG FLASH NEWS KPMG in India 13 November 2015 Indian foreign investment policy reforms Background The Government of India (GoI) has in the last few months launched a series of initiatives which focussed

12 February 2016 MCA releases draft rules on NCLT, schemes of compromises/arrangements and prevention of oppression and mismanagement, for public comments The Ministry of Corporate Affairs (MCA) has released

RISK AND COMPLIANCE Software Asset Management (SAM) Maturity landscape in India KPMG IN INDIA Foreword In recent months, the Indian industry has made considerable efforts to bring to light the importance

KPMG IN INDIA IT Service Management in Telecom Companies Panacea for Reducing Margins ADVISORY 2 Folio and accompanying text 3 IT Service Management in Telecom Companies Foreword The Indian telecom industry

ACCOUNTING ADVISORY SERVICE S LEARNING SOLUTIONS KPMG Course for Accounting Professionals (KCAP) kpmg.com/in Overview Indian economy is estimated to exceed USD5 trillion by 2020 with the service sector

INDIAN RETAIL INDUSTRY: An Update Relaxation of FDI norms for the Indian Retail Sector a positive; albeit implementation challenges persist June 2016 Fver In an environment where the global retailers are

Tax Insights from India Tax & Regulatory Services Roadmap for Ind-AS implementation January 7, 2015 In brief In his maiden Budget speech, the Finance Minister indicated that the Indian Accounting Standards

www.pwc.com/in Sharing insights News Alert 8 June, 2011 Reimbursement of salary costs to Group company pertaining to seconded employees is taxable as fee for included services. In brief In a recent ruling,

An overview Ind AS: India s accounting standards converged with the IFRS are here! Notification of Rules for Ind AS implementation Consistent with its January 2015 announcement, the Ministry of Corporate

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Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

Indian Telecommunication Equipment Market- Opportunities for US Companies Overview With more than 638 million-line telephone network (fixed plus cellular) India is among the top 4 networks in the world.

Foreign Investment Desk In Kuwait Update on Foreign Direct Investment Regulations In Kuwait February 2015 Details on the new Foreign Direct Investment Law The Kuwait government issued a new Foreign Direct

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from India Tax & Regulatory Services Government issues clarifications in form of FAQs on one time compliance window scheme of the Black Money Taxation Act July 10, 2015 In brief The Black Money (Undisclosed

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AMERICAN EXPRESS COMPANY GLOBAL CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title

from India Tax & Regulatory Services Consideration received for executing turnkey contract not taxable in India in absence of PE in India February 3, 2016 In brief In a recent decision in the case of a